The rise of new consumer segments: Millennials, women, and emerging markets fuel luxury watch market surge

The luxury watch market is experiencing a surge in sales, driven by new consumer segments and changing attitudes. Young people, women, and consumers outside of the traditional markets in the U.S. and Europe are leading the charge. Bezel, a secondhand luxury watch marketplace, has seen 75% month-over-month growth in sales, with 60% of buyers being millennials or Gen Z. There has also been a 50% month-over-month increase in female buyers. Luxury watch brands have traditionally catered to older, wealthy men, but institutions outside of the brands, such as resellers and watch blogs, are introducing a new audience to the industry. Brands are starting to embrace this shift, catering to younger and more diverse audiences through initiatives like AR watch try-on features and collaborations with hip-hop artists. Additionally, emerging markets like Hong Kong, India, Latin America, and Australia are becoming new luxury watch hubs, offsetting declines in traditional markets. Luxury shopping habits have also shifted online, with consumers increasingly shopping on desktop and mobile websites. In-store shopping is less common, and quiet luxury items, recognisable to those in the know but not drenched in logos, are gaining popularity.

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